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The Calendar Year-End Adjusted Trial Balance for Blessinger Co

Question 384

Essay

The calendar year-end adjusted trial balance for Blessinger Co.follows: The calendar year-end adjusted trial balance for Blessinger Co.follows: Required: (a)Determine the amounts of current assets and current liabilities.(Note: A $9,000 installment on the long-term note payable is due within one year.) (b)Calculate the current ratio.Comment on the ability of Blessinger Co.to meets its short-term debts.
Required:
(a)Determine the amounts of current assets and current liabilities.(Note: A $9,000 installment on the long-term note payable is due within one year.)
(b)Calculate the current ratio.Comment on the ability of Blessinger Co.to meets its short-term debts.

Correct Answer:

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(a)Current assets = Cash + Accounts Rece...

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